Bitcoin as a deflationary force for bank fees

Today’s commentary
I am doing this outside the paywall because I think it is important that everyone get this idea.
In the wake of the financial crisis, bailouts and cheap money have done much to restore American bank balance sheets. Earnings for banks have returned to pre-crisis levels. But over the medium-term I believe banks’ earnings power will be damaged by a loss of fee income as bank fees come under assault. The problem is Bitcoin. Let me explain in this post.
As the new year began, I ...


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